The speech by the Queen included proposals to reform company law in order to encourage greater levels of investment and enterprise.
Matthew Carrington, chief executive of the RMI, says: “Most businesses in the retail motor sector face multiple layers of regulation, which are often a great hindrance. If this bill actually reduces red tape, it will be warmly welcomed.”
The speech also included plans for legislation on corporate manslaughter: “The long-anticipated corporate manslaughter regulations could have serious repercussions for RMI members, and we will be looking very carefully at the proposals to make sure that they are not unnecessarily punitive,” says Carrington.
Changes to consumer credit law that would provide greater protection to consumers were also proposed.
“The retail motor sector firmly supports any means that will provide greater consumer protection. The RMI will work with Government to make sure that any legislation takes into account the concerns of our industry,” added Carrington.
The Government will also be cracking down on drivers who keep speeding.
Drivers will be hit by tougher penalties and graduated fines according to the severity of the offence.
Ministers hope the move will restore public confidence in the penalty system and head off criticism that they are waging a war against motorists.
They warned that those who go recklessly over the limit will receive bigger fines and more penalty points.
The RAC Foundation believes the move will increase public support for speed cameras.